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Indian PM calls for global cryptocurrency framework at G20 Summit

Indian Prime Minister Narendra Modi has called for global collaboration on formulating crypto regulations during the annual G20 summit. As president of the G20, India has taken up the task of advocating for a comprehensive global framework for regulating cryptocurrencies.

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Indian Prime Minister Narendra Modi has called for global collaboration on formulating crypto regulations during the annual G20 summit. As president of the G20, India has taken up the task of advocating for a comprehensive global framework for regulating cryptocurrencies.

Modi talked about the role of emerging technologies such as blockchain and cryptocurrency. Modi noted that the nature of such emerging technologies will have a global impact. Thus, the rules, regulations and framework around it should not belong to one country or a group of countries.

Modi cited the example of the aviation industry and said that, like the common rules and regulations governing air traffic control or air security, emerging technologies like cryptocurrency should also be regulated globally. 

On Aug. 1, India released a presidency note, which included its input on the global framework for crypto. The suggestions on the crypto framework were aligned with the guidelines written by the Financial Stability Board, the Financial Action Task Force and the International Monetary Fund. The note also contained additional suggestions focused on developing economies.

India has been advocating for a global crypto framework for some time despite its own crypto regulatory environment still shrouded in complexities, lack of clarity and high taxation. The country imposed a 30% tax on crypto gains in 2022, leading to a mass exodus of budding crypto companies and a sharp decline in crypto trading activity.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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